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Buying Your Katy-Cinco-Ranch-Richmond Area Home For The Best Price!

Buying Your Katy-Cinco-Ranch-Richmond Area Home For The Best Price!


Buying Your

Katy-Cinco-Ranch-Richmond Area Home

For The Best

Price!

 

Chapter 6 Mortgages Part 2: Qualifying For A Mortgage Loan

 

Fred Miller, Realtor, ReMax Plantation serving Katy, Cinco Ranch, Pecan Grove, Richmond, Westpark Tollway, Fulshear. www.RichmondKatyHomes.com  fredmiller9@gmail.com

Qualifying For The Loan, or proving to the lender that you are a good credit risk.

Background Information: The parent lender employs an Underwriter who reviews the proposed loan to make sure that it can be sold on the Secondary Mortgage Market.

Credit Factors Considered

Your Credit History

Your ability to repay debt obligations.

Your willingness to repay debt obligations in a timely manner

If you have not bought much on credit, you should be proud of yourself. On the other hand you have not established credit, or enough credit. When this happens even one or two bad things on your credit report can destroy your credit because there is nothing to “counter” this effect. Buy some things on credit, then pay them off rapidly. This will leave you with “lines of credit” that look good and they cost you very little. Just be disciplined.

Your Income

Your house payment is not to exceed 33% to 55% of your gross income

What is your house or rental payment now?

What will be your new house payment?

The smaller the increase, the more favorable to the lender

Your current debts

What is your current debt load? What is your “debt to income” ratio?

(Lender restriction: spend no more than 33% to 55% of your income on debt service. FHA, VA allows up to 45%)

Additional Blogs: What Are You Talking About: A Credit Score!

Credit Repair Before You Buy A Home, Part 1,

Credit Repair Before you Buy a Home, Part 2

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We try to operate by referral from clients. We strive to provide such great service that our clients will recommend us to friends, co-workers, family and acquaintances–over and over.

How do you benefit from this philosophy? Our business depends on giving you such top-notch service that you will sing our praises to anyone you know who is looking for a Realtor. Most of our business is referred to us by past clients. If we don’t maintain our high standards and ensure that referrals keep coming our way, most of our business will disappear. Clients benefit from this because we devote more time to their needs instead of spending lots of time and money looking for new customers (the conventional approach).

We view our relationship with our clients as a long-term association; we regularly stay in touch with them. The more we know our clients the better we can serve them. Many times we have counseled clients not to buy a particular property because of a too high price, poor location or condition. We strive to tell the truth, then live with the consequences. We have found most people prefer us to work this way in the long run.

Why are we willing to wait so patiently? We are in this business to stay–good times and bad. Whether you buy now or in a few months or years from now makes no difference to us. We want you to proceed at a pace that is comfortable to you. If you can always count on us for unbiased, professional advice and learn to trust and respect us, then you are more likely to recommend us to other people who are as nice as you are. Once again it all comes full circle.

Fred Miller, Realtor, ReMax Plantation serving Katy, Cinco Ranch, Pecan Grove, Richmond, Westpark Tollway, Fulshear. www.RichmondKatyHomes.com  fredmiller9@gmail.com

Next Chapter:  Location, Schools, Taxes

The information contained in this site is the opinion of Fred Miller and does express any policy or opinion of Re/Max International, Rd/Max of Texas or Remax Plantation.